Memorandum From the President on the United States Savings Bonds Program

Memorandum for the Heads of Executive Departments and Agencies

I have appointed Ray Marshall, Secretary of Labor, as Chairman of the Federal Interagency Committee for the purchase of United States Savings Bonds. This is a crucial appointment, because he will be charged with the responsibility for making the government a leader in the Savings Bonds program.

The U.S. Savings Bonds program is a key tool in the management of the public debt. Today Americans own $77 billion worth of these securities, more than ever before. Savings Bonds constitute nearly one-fifth of the publicly-held portion of the Federal debt, and are the most stable element in the entire debt structure.

The program has also helped individuals save for a financially secure future.

Because the purchase of U.S. Savings Bonds supports the Government's policies and programs in these two important ways, it is fitting that employees of the Federal Government should take the initiative in the purchase of Savings Bonds through the Payroll Savings Plan and set an example for all Americans in securing their country's future.

The heads of departments and agencies, who make up the Interagency Savings Bonds Committee, have the special responsibility to offer and promote the Payroll Savings Plan to every employee.

I am confident that, under your leadership, the 1978 Federal campaign will attain a new high level of participation. You have my full support in this important endeavor.

JIMMY CARTER